Larazo De Mello Brandao Resigns Leaving A Strong Legacy At Bradesco

Before his resignation on October 11, 2017, Lazaro de Mello Brandao was one of the oldest bank chairmen across the globe. Brandao, the former chairman of Banco Bradesco SA, was born in 1926. Seventeen years later, Bradesco hired him to discharge clerical duties. At the time of appointment, Brandao had not acquired a college education. Brandao is perhaps among the first employees of Bradesco as he was hired in 1943, the same year that Amado Aguiar established the Osasco-based Bradesco.

The 17-year-old Brandao discharged his clerical duties diligently and made a foray into management when the bank appointed him director in 1963. Those who know Brandao praise him because of his business acumen and dedication to his work. Indeed, after 14 years as director, the bank was convinced that Brandao had amassed the necessary skills to be Bradesco’s vice president. With Aguiar’s resignation in 1981, Brandao was the bank’s favorite to succeed the first CEO according to folha.uol.com.br. Although Aguiar resigned as CEO, he retained his position as the chairman of the board of directors of Bradesco. However, he stepped down in 1991 owing to his deteriorated health, allowing Brandao to step in for him.

Brandao single-handedly presided over the bank’s board as well as Bradesco for eight years. As the bank enlarged, the positions became more demanding prompting him to relinquish the presidency post to Marcio Cypriano in 1999. The change allowed him to focus solely on representing the Bradesco Foundation, the controlling shareholder of Bradesco, in the board of directors. After over 25 years as the chairman of Bradesco, Brandao, 91, made the right decision to step down, allowing Bradesco to appoint a new chairperson. Brandao is proud of his service to Bradesco. He indicated in his resignation speech that he would keep the desk he had been using over the past couple of years as a reminder of the time he spent at Bradesco.

As chairman and CEO, Brandao was a proponent of appointing Bradesco’s staff to leadership ranks within the bank. In fact, former CEO, Marcio Cypriano and the serving CEO, Luiz Carlos Trabuco, ascended to the presidency of the bank partly because of the culture that Brandao had established. Going forward, Bradesco is likely to continue Brandao’s legacy of appointing leaders from within the company.

Read more: Trabuco will assume the presidency of Bradesco’s board; bank to appoint new chief executive in March


What next for Bradesco?

Bradesco lost one of its greatest bankers when Brandao resigned. However, the bank has been grooming other professionals to occupy leadership positions at the bank. Case in point is Luiz Carlos Trabuco. After 48 years of service to Bradesco in various capacities, including eight years as the president of Bradesco Seguros and another eight as the overall president of the bank, Bradesco was convinced that Trabuco was the best-suited candidate to succeed Brandao. What’s more, Trabuco’s tenure in office will end in March, leaving the executive to focus on his new-found role. Trabuco accepted Bradesco’s appointment and vowed to continue Brandao’s legacy.

In honor of Brandao, Luiz Carlos Trabuco emphasized that the bank would appoint his successor from within the existing leadership ranks at the bank. Although Trabuco was not explicit, pundits came up with a list of names in line with his statement. The list includes the names of Mauricio Machado de Minas, Alexandre da Silva Gluher, Domingos Figueiredo Abreu, Josué Augusto Pancini, Marcelo de Araujo Noronha, Octavio de Lazari, and André Rodrigues Cano. The professionals are currently in charge of departments at Bradesco. The seven joined the bank in the ‘70s and ‘80s with the exception of de Minas and Noronha who became part of Bradesco in 2009 and 2003 respectively according to folha.uol.com.br. As directed by the Bradesco’s bylaws, none of them is above 67 years. In fact, all of them are in their ‘50s.

Search more about Luiz Carlos Trabuco: http://www.valor.com.br/financas/5153264/bradesco-novo-presidente-saira-do-corpo-executivo-afirma-trabuco